Ken Fisher (Trades, Portfolio) is the CEO and CIO of Fisher Investments. He sold shares of about 200 companies during the fourth quarter, and the following are the most important sales.
He sold out his stake in PMC-Sierra Inc. (PMCS) with an impact of 0.16% on the portfolio.
GuruFocus gives PMC-Sierra a profitability and growth rating of 6/10. Its returns are weak but positive as ROE is 0.86%, ROA is 0.61% and they are underperforming 65% of in the Global Semiconductors industry. Financial strength has a rating of 9/10 and cash-to-debt of 3.85 is above industry median of 1.60.
The company is a semiconductor and and software solution provider transforming networks that connect, move and store digital content. It designs, develops, markets and supports semiconductor solutions by integrating its mixed-signal, software and systems expertise through a network of offices in North America, Europe and Asia. Net revenue had 7.1% increase from the second quarter of 2015 and a 1.4% from the third quarter of 2014. GAAP operating margin was 8.3%, compared to GAAP operating margin in the third quarter of 2014 of 5.5%.
George Soros (Trades, Portfolio) is the largest shareholder among the gurus with 5.62% of outstanding shares, followed by Chuck Royce (Trades, Portfolio) with 0.2%, Jim Simons (Trades, Portfolio) with 0.2% and Paul Tudor Jones (Trades, Portfolio) with 0.06%.
Fisher sold out his stake in BioMed Realty Trust Inc. (BMR) with an impact of 0.09% on the portfolio.
GuruFocus gives the stock a profitability and growth rating of 5/10. Its returns are positive as ROE is 9.69%, ROA is 3.32% and they are outperforming 51% of the Global REIT - Office industry. Financial strength has a rating of 7/10; even so cash-to-debt of 0.02 is very low and below industry median of 0.05.
The company operates as a self-administered and self-managed REIT focused on acquiring, developing, owning, leasing and managing laboratory and office space for the life science industry. In the last quarter, it executed 61 leasing transactions totaling approximately 1.3 million square feet of gross leasing and the company completed the acquisition of a historical rehabilitation development project in Providence, Rhode Island.
The company’s largest shareholder among the gurus is Jim Simons (Trades, Portfolio) with 0.27% of outstanding shares, followed by Chris Davis (Trades, Portfolio) with 0.23%, Pioneer Investments (Trades, Portfolio) with 0.19% and John Buckingham (Trades, Portfolio) with 0.17%.
Fisher reduced his stake by 28.85% in Heartland Payment Systems Inc. (HPY) with an impact of 0.07% on the portfolio. The current stake is 0.23% of the investor’s total assets.
GuruFocus gives the stock a profitability and growth rating of 6/10. Its returns are positive as ROE is 15.12% is outperforming and ROA is 2.97% is underperforming in the Global Business Services industry. Financial strength has a rating of 7/10, while the cash-to-debt of 0.09 is far below industry median of 1.25.
The company provides card payment processing services to merchants in the U.S., which involves providing end-to-end electronic payment processing services to merchants. During the last quarter, net revenue for the quarter had an increase of 26.7% compared to the same period last year and net income grew by 18.5% compared to the same period last year.
Fisher is largest shareholder among the gurus, followed by RS Investment Management (Trades, Portfolio) with 2.48% and Steven Cohen (Trades, Portfolio) with 0.06%.
Fisher reduced his stake by 9.20% in Dr Reddy Laboratories Ltd. (RDY) with an impact of 0.06% on the portfolio. The current stake is 0.42% of the investor’s total assets.
GuruFocus gives the stock a profitability and growth rating of 9/10. Its returns are strong as ROE is 21.96%, ROA is 12.72% and they are outperforming 84% of the Global Drug Manufacturers - Specialty & Generic industry. Financial strength has a rating of 8/10; even so cash-to-debt of 0.92 is below industry median of 1.43.
The company together with its subsidiaries is an India-based pharmaceutical company.
Fisher is the largest shareholder among the gurus, followed by Sarah Ketterer (Trades, Portfolio) with 0.34% and Jim Simons (Trades, Portfolio) with 0.07%.
Fisher reduced his stake by 93.53% in Cablevision Systems Corp. (CVC) with an impact of 0.03% on the portfolio.
GuruFocus gives the stock a profitability and growth rating of 6/10. Its returns are positive as ROA of 2.98% is outperforming 53% of the Global Pay TV industry. Financial strength has a rating of 6/10; even so cash-to-debt of 0.15 is below industry median of 0.41.
It operates through its subsidiary, CSC Holdings. CSC Holdings is a cable operator in the U.S. The company also owns a cable television advertising sales business and regional news and other local programming services businesses. During the third quarter, consolidated net revenues decreased 0.8%, consolidated operating income decreased 27.5% and consolidated adjusted operating cash flow decreased 11.5% compared to the previous quarter.
The company’s largest shareholder among the gurus is Mario Gabelli (Trades, Portfolio) with 3.59% of outstanding shares, followed by John Paulson (Trades, Portfolio) with 2.82%, T Rowe Price Equity Income Fund (Trades, Portfolio) with 2.18% and Jim Simons (Trades, Portfolio) with 0.28%.
Fisher reduced his stake by 3.86% in Alphabet Inc. (GOOG) with an impact of 0.03% on the portfolio. The current stake is 0.76% of the investor’s total assets.
GuruFocus gives the stock a profitability and growth rating of 8/10. Its returns are positive as ROE is 14.78%, ROA is 12.24% and they are outperforming 69% in the Global Internet Content & Information industry. Financial strength has a rating of 9/10; even so cash-to-debt of 13.91 is the same as the industry median.
Dodge & Cox is the largest shareholder among the gurus with 0.48% of outstanding shares, followed by PRIMECAP Management (Trades, Portfolio) with 0.37%, Chris Davis (Trades, Portfolio) with 0.22% and Mason Hawkins (Trades, Portfolio) with 0.19%.
The investor reduced his stake by 6.38% in ABB Ltd. (ABB) with an impact of 0.02% on the portfolio. The current stake is 0.27% of the investor’s total assets.
GuruFocus gives the stock a profitability and growth rating of 7/10. Its returns are positive as ROE is 15.96%, ROA is 5.81% and they are outperforming 61% in the Global Diversified Industrials industry. Financial strength has a rating of 7/10; even so cash-to-debt of 0.65 is below the industry median of 0.74.
The company provides power and automation technologies. It offers products, systems, solutions and services that are designed to boost industrial productivity, increase power grid reliability, and enhance energy efficiency.
James Barrow (Trades, Portfolio) is the second largest guru shareholder with 0.1% of outstanding shares.Ă‚
Fisher also reduced his stake by 4.05% in Credit Suisse Group AGÂ (CS) with an impact of 0.02% on the portfolio. The current stake is 0.43% of the investor’s total assets.
GuruFocus gives the stock a profitability and growth rating of 3/10. Its returns are positive even so ROE of 8.24% is underperforming its competitors and ROA of 0.40% is outperforming the Global Banks - Global industry. Financial strength has a rating of 6/10; even so cash-to-debt of 0.47 is below industry median of 1.46.
The company holds direct or indirect interests in all types of businesses in Switzerland and abroad, in particular in the areas of banking, finance, asset management and insurance.
Fisher is the largest shareholder among the gurus, Ă‚ followed by Charles Brandes (Trades, Portfolio) with 0.08%, Dodge & Cox with 0.05% and John Buckingham (Trades, Portfolio) with 0.01%.
